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Mid-Day Gold & Silver Market Report – 11/26/2013

PRECIOUS METALS RELATIVIELY FLAT AS CONSUMER CONFIDENCE DOWN

Precious Metals are trading slightly lower through mid-day trading.  A stronger U.S. stock market and dollar are weighing on precious metals but many see the suppression as only temporary. Jeff Nichols, managing director at American Precious Metals Advisors said, “Gold continues to be an innocent victim of the frenzy on Wall Street.  Sooner or later, when the bubble bursts, equity investors will really lose their heads and gold stands to benefit, if not at first, certainly as the dust settles on Wall Street.” 

U.S. consumer confidence fell for the third straight month as the year comes to a close.   A lack of faith in government policies, a struggling economy and sluggish labor market are all starting to show its effects on consumers.  Stephen Stanley, chief economist of Pierpont Securities said, “I think it is fair to say that the deterioration in confidence since the summer is an accurate reflection of a souring of moods lately, driven by the government shutdown, the rollout of Obamacare, and the general continuing economic malaise.”

At 2:26 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,243.20, Down $0.50.
  • Silver, $19.88, Down $0.06.
  • Platinum, $1,374.70, Down $4.10.
  • Palladium, $719.00, Down $2.40.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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